巨额贸易逆差下美国经济增长模式及对中国经济的影响

自20世纪90年代以来,美国在巨额贸易逆差下实行了经济持续增长。本文从金融角度详细分析了美国依据美元特殊的国际货币地位和外汇储备特征实行对全球的金融剥削;从产业角度探讨了新一轮全球产业分工重组背景下制造产业的国际转移、跨国公司内部贸易、美国独特的进口商品结构、油价上涨和美国能源产业政策对“悖论”解释的合理性;从宏观政策角度解析了美国“双赤字”并存的必然原因。本文认为,美元地位的不断下降使美国经济增长模式存在潜在危机,而美国对内外经济失衡的调整,势必对中美贸易、人民币汇率、中国外汇储备及内外经济平衡产生深远的影响。

The Mechanism of the Coexistence of Enormous Trade Deficit and Economic Growth in US and Its Impact on China's Economy

Since the 1990s,America has realized a significant economic growth under the enormous trade deficit.From the point of finance,this article analyzes how US dollar,the main global exchange and saving currency,exploits the other countries;from the point of international industry,the factors,such as the unique international trade structure,the transformation of manufacture industries,multinationals and energy policy of USA,explain the reasons for the coexistence of enormous trade deficit and economic growth.From the point of policies,this article analyzes the logic of the coexistence of trade deficit and finance deficit.The economic growth model of USA is in a potential risk and the adjustment policy made by US government will definitely influence international trade,exchange rate,reserve and the balance of the outer and inner economy of China.